I'm looking to...

How it works

At Mortgage Choice, we want to help you make better choices with your finances so you can enjoy the things in life that matter to you.

To do this, we need to understand a little more about your individual needs and circumstances. The Solution Finder enables you to let us know what information you are seeking - which should make for a faster, more efficient search for you.

Simply select what you are looking to do from the first drop down menu - whether that is buying your first home or sorting out your insurances.

Then, select the stage you are at - whether you have just started out with your research or you are already well into the process.

Clicking on 'Get started' will then send you off to a page of content which is directly related to the information you need.

However, if it doesn't quite suit your needs, or you are looking for something completely different, just contact us on 13 77 62 - we are here and ready to help.

Ready for a steady cash rate

In a move that will likely disappoint home loan borrowers who had factored in a third consecutive rate cut, the Reserve Bank of Australia today decided to keep the cash rate steady at 4.25%.

Share:

February 07, 2012

In a move that will likely disappoint home loan borrowers who had factored in a third consecutive rate cut, the Reserve Bank of Australia today decided to keep the cash rate steady at 4.25%.

Mortgage Choice spokesperson Belinda Williamson said, "Today's decision by the Reserve Bank to keep rates steady may come as a disappointment to many borrowers who had budgeted for a rate drop this month, but it speaks positively of our overall domestic economic position."

"The Bank is keeping a close watch on economic indicators and if we see any significant setbacks in the coming months, it is possible the rate cut debate may return. For now, the situation is certainly looking more optimistic than it has been in recent months.

"For variable rate borrowers who were anticipating a rate cut, all is not lost. Reviewing their home loan and lender could unearth a product that better suits their needs and has a more attractive interest rate, fewer fees, and/or offers loan features that can help them make a larger dent in their debt. Features may include an offset account, the ability to make higher or more frequent repayments, etc.

"The decision today to keep rates steady is also reassuring for many borrowers who recently took out a fixed rate loan and locked in their interest rate for a set period. Our January home loan approval data showed more than one in every five new borrowers chose a fixed rate loan.

"There is a strong possibility that a stable interest rate climate may also encourage buyers to enter the property market based on a degree of certainty around the direction of the economy and hence their ability to repay a loan.

"There are many positive factors at play for those looking to buy. Lenders' variable and fixed rates have been falling over recent months, property prices are down in many areas, the rental vacancy rate is low in most capital cities and rental costs are up, making home ownership more attractive."

The information provided on this website is for general education purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement with regard to your personal circumstances, before making any decision about whether to acquire the product. You can obtain a copy of the PDS by emailing homeloans@mortgagechoice.com.au or by calling 13 77 62. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. Warning: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.#The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. WARNING: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.~Not all brokers or advisers offer the products of all lenders or solution providers.